Where We Stand

The DOL finalized a rule defining who is a “fiduciary” of an employee benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA), which included adding brokers and advisers providing advice to individual retirement accounts (IRAs).

When passing the Military Lending Act (MLA), Congress sought to address predatory actors in the marketplace harming our servicemembers.

Credit unions offer overdraft protection services as a convenience and accommodation for their members, and members appreciate these services.

Credit unions provide the safest and most affordable options for those in need of small dollar loans. Rules should be tailored to address predatory actors who abuse consumers.

Credit unions take a more holistic collection approach when working with their member-owners on debt collection. They are not merely interested in short-term efforts of collecting a debt; instead, they want to find the specific cause of their member's financial challenge.   

Credit unions, by their very mission, seek to provide safe and affordable products and services to consumers in need. While CUNA strongly supports the intent of Section 1071 and the Equal Credit Opportunity Act, there are serious concerns about unintended consequences that could result from a rule requiring additional data collection.  

Change the leadership structure of the Bureau of Consumer Financial Protection (BCFP) from a one-person director to a multi-person commission. 

The current requirements surrounding the TCPA lack clarity and are so confusing that some credit unions have stopped calling and texting consumers altogether because they do not want to risk being incompliant. 

The Bureau of Consumer Financial Protection's (BCFP) final rule changes the scope of the ability to use arbitration clauses in consumer financial contracts.